3rd Apr 2014 11:26
LONDON (Alliance News) - Oilex Ltd Thursday said that CGG Aviation (Australia) Pty Ltd has completed a data acquisition for an aerial gravity/magnetic survey of the SPA 17 AO site in the Canning Basin in Australia.
The oil and gas development and production company said the data acquisition was completed safely and ahead of schedule, with demobilisation of all equipment and personnel complete.
The company said the site covers 11,400 kilometres squared and the survey consists of 4,060 line kilometres of data, and was completed after CGG's internal Quality Control processes highlighted the need to reacquire some data.
Oilex said that CGG has now confirmed that a comprehensive data set of sufficient quality and resolution is now available to determine the validity of Oilex's structural model of a potential extension for a prospective area into the SPA 17 AO site.
The extension would confirm the Wallal Graben zones presence in exploration areas covering roughly 17,900 kilometres squared held entirely by Oilex.
The company said the survey data will now be fully processed and interpreted by CGG prior to delivery of final products to Oilex for its ongoing exploration plans on site, which CGG anticipates to take roughly eight weeks.
Oilex shares were up 1.6% to 3.94 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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